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Exam 6: Planning, Strategy, and Competitive Advantage

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Question 21

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Managers of Matrix Ltd. attempted to give the organization a competitive advantage by driving the production costs to as low a level as possible. We can say that the organization is pursuing a differentiation strategy.

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Question 22

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A formal, written guide to action for employees in an organization is known as a ________.

A) policy
B) rule
C) standard operating procedure
D) rolling plan

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Question 23

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Firestone Tire and Rubber Company set up a chain of Firestone retail stores to sell its tires to American consumers. This is an example of ________.

Frame Corporation updates its five-year plan annually to take into account changing conditions within the organization and in the organization's external environment. Which of the following best explains this plan implemented by Frame Corporation?

Distinguish related diversification from unrelated diversification. Provide suitable examples.

With a multidomestic strategy, managers decide to sell the same product with the same marketing approach in all of the countries in which the product is sold.

An advantage of the differentiation strategy is ________.

When only one central, guiding plan is put into operation to achieve an organizational goal, the organization is experiencing ________.

When PepsiCo purchased Frito-Lay and expanded its operations into the snack-food business, it was pursuing a ________ strategy.

A plan that is updated and changed every year to take into consideration how the organization's external and internal environments have changed is known as a ______________ plan.

Concentration on a single industry, vertical integration, diversification, and international expansion are principal strategies of a ________ level of an organization.

When a company is successful in pursuing the strategy of concentration on a single industry, it uses its divisional skills to develop new products or expand its locations.

What is the major advantage of a multidomestic strategy?

Managers pursuing a focused differentiation strategy serve just one or a few segments of the market and aim to make their organization the most differentiated company serving that segment.

Industries that are characterized by permanent, ongoing, intense competition brought about by advancing technology or changing customer tastes, fads, and fashions are an example of ________.

Why is planning considered an important process for managers?

Scenario planning is often used to strengthen SWOT analysis.

Explain a SWOT analysis. Describe briefly the steps involved in a SWOT analysis.

List and describe the four ways to expand internationally.

A general guide to action for the managers of an organization is known as a ________.